Spherix offers preferred stock

|About: Spherix Incorporated (SPEX)|By:, SA News Editor

Spherix (SPEX -38.7%) contracts with Laidlaw & Co. for a private placement of 10M shares of Series J Convertible Preferred Stock at $2/share. Each share of preferred is convertible into one share of common. Net proceeds of ~$18.3M will be used to redeem some of its Series I Convertible Preferred Stock and for general corporate purposes. Closing date is June 2.